Buyer Book - The Ramsey Team

Security Title. All content herein is informational only and not intended to offer legal or financial advice.

STATEMENT OF

INFORMATION:

Also known as a

statement of facts, statement of identity,

or an SI. This required document will be

provided to the parties by escrow. It asks for

information about the parties such as social

security number, residence history, marital

history, job history, aliases, etc. Please fill

this out as completely as possible. The SI

allows the company to eliminate things

recorded in the GI (General Index) against

the name (as opposed to the property)

such as tax liens, judgments, welfare liens,

support liens and lawsuits that may be filed

against people that have the same name

as you. These types of liens may attach to

any real property owned by the debtor, and

therefore make the property liable for any

payment due under the lien.

RED FLAG:

If you have a common name (for example: Smith, Johnson, Garcia, Martinez, Lee, etc) it is important that the

company receive the completed SI promptly in order to “clear” these items. Sometimes you may be unaware that a lien exists.

More often, you may have resolved the situation but had never gotten the proper release documents recorded in order to remove

it from the public record. We cannot close a file with unresolved liens against a seller. Contact your escrow officer if you find that

this situation exists.

NOTE :

If you obtain a judgement against a party that awards money damages if you, it may be wise to

record the judgement in any county where the debtor owns or may own property. Consult your attorney.

If you find something on your prelim that is not listed here, it is probably a red flag and you should contact

your escrow officer. He (or she) will be happy to provide you with copies of recorded documents and advise

you as to what is needed in order to remove the item (if necessary). Sometimes, though, removing an item is

so time consuming, or costly, or both, that the buyer may elect to cancel a transaction. We cannot advise you

regarding the risk in making such a decision. You should contact your own counsel if you have only concerns.

RED FLAGS IN THE ESCROW/TITLE PROCESS